Kalos Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
Apple Inc.	COM	037833100	1,216	12,717	SH		DFND		0	12,717	0
ABBVIE INC.	COM	00287Y109	592	9,560	SH		DFND		0	9,560	0
ACADIA PHARMACEUTICALS INC COM	COM	004225108	230	7,100	SH		DFND		0	7,100	0
Amtrust Finl Svcs Inc Com	COM	032359309	220	8,990	SH		DFND		0	8,990	0
iShares Core Total US Bond Market ETF	ETF	464287226	476	4,225	SH		DFND		0	4,225	0
Argan Inc Com	COM	04010E109	285	6,841	SH		DFND		0	6,841	0
ANIKA THERAPEUTICS INC COM	COM	035255108	484	9,018	SH		DFND		0	9,018	0
AU Optronics Corp	COM	002255107	44	12,600	SH		DFND		0	12,600	0
Yamana Gold Inc Com Npv	COM	98462Y100	87	16,758	SH		DFND		0	16,758	0
NATUS MEDICAL INC DEL COM	COM	639050103	338	8,954	SH		DFND		0	8,954	0
Coeur D Alene Mines Corp	COM	192108504	125	11,693	SH		DFND		0	11,693	0
CADENCE DESIGN SYSTEM INC COM	COM	127387108	895	36,850	SH		DFND		0	36,850	0
Cerner Corp	COM	156782104	382	6,511	SH		DFND		0	6,511	0
Chemed Corp New	COM	16359R103	789	5,787	SH		DFND		0	5,787	0
Cummins Inc Formerlycummins Engine Inc	COM	231021106	1,694	15,067	SH		DFND		0	15,067	0
Cinemark Hldgs Inc Com	COM	17243V102	1,849	50,710	SH		DFND		0	50,710	0
Capital One Financial Corporation	COM	14040H105	238	3,748	SH		DFND		0	3,748	0
Cooper-Standard Holdings Inc	COM	21676P103	301	3,812	SH		DFND		0	3,812	0
Computer Sciences Corp	COM	205363104	2,990	60,230	SH		DFND		0	60,230	0
Cisco Systems Inc	COM	17275R102	864	30,107	SH		DFND		0	30,107	0
Centurytel Inc	COM	156700106	2,685	92,554	SH		DFND		0	92,554	0
SPDR Barclays Conv Secs ETF	ETF	78464A359	1,855	42,319	SH		DFND		0	42,319	0
Dean Foods Company	COM	242370203	1,213	67,033	SH		DFND		0	67,033	0
Walt Disney Co	COM	254687106	603	6,165	SH		DFND		0	6,165	0
Duke Energy Corp	COM	26441C204	259	3,014	SH		DFND		0	3,014	0
iShares Dow Jones Select Dividend	ETF	464287168	1,550	18,173	SH		DFND		0	18,173	0
iShares Inc Mcsi Chile Investable	ETF	464286640	788	21,420	SH		DFND		0	21,420	0
iShares MSCI Emerging Markets Asia	ETF	464286426	846	16,202	SH		DFND		0	16,202	0
iShares MSCI EAFE Index	ETF	464287465	1,686	30,198	SH		DFND		0	30,198	0
iShares JPMorgan USD Emerging Mkts Bond	ETF	464288281	1,184	10,283	SH		DFND		0	10,283	0
iShares S&P Emerging Mkts	ETF	464288216	822	27,615	SH		DFND		0	27,615	0
First Tr Etf IV North Amern Energy Infra	ETF	33738D101	427	17,303	SH		DFND		0	17,303	0
iShares MSCI Philippines Invstb Mkt Idx	ETF	46429B408	693	17,701	SH		DFND		0	17,701	0
iShares Tr Msci Poland Investable	ETF	46429B606	655	38,606	SH		DFND		0	38,606	0
iShares Tr Msci All Peru Capped Index Fd	ETF	464289842	606	19,608	SH		DFND		0	19,608	0
iShares MSCI Australia Index	ETF	464286103	415	21,341	SH		DFND		0	21,341	0
iShares MSCI Sweden Index	ETF	464286756	405	14,821	SH		DFND		0	14,821	0
iShares MSCI Germany	ETF	464286806	406	16,863	SH		DFND		0	16,863	0
iShares MSCI Hong Kong Index	ETF	464286871	458	23,408	SH		DFND		0	23,408	0
iShares MSCI Malaysia Index	ETF	464286830	768	92,589	SH		DFND		0	92,589	0
iShares MSCI Netherlands	ETF	464286814	429	18,544	SH		DFND		0	18,544	0
iShares MSCI Austria Index Fund	ETF	464286202	401	28,296	SH		DFND		0	28,296	0
iShares MSCI Singapore Index	ETF	464286673	444	40,814	SH		DFND		0	40,814	0
iShares MSCI Taiwan Index Fd	ETF	464286731	642	45,694	SH		DFND		0	45,694	0
iShares MSCI United Kingdom Ind Fund	ETF	46434V548	350	22,799	SH		DFND		0	22,799	0
SPDR S&P Emerging Markets Small Cap	ETF	78463X756	1,223	31,072	SH		DFND		0	31,072	0
iShares MSCI South Korea Index Fund	ETF	464286772	446	8,568	SH		DFND		0	8,568	0
Facebook Inc Com Usd0.000006 Cl A	COM	30303M102	445	3,897	SH		DFND		0	3,897	0
Fiserv Inc	COM	337738108	373	3,427	SH		DFND		0	3,427	0
FS INVT CORP COM	COM	302635107	367	40,552	SH		DFND		0	40,552	0
iShares FTSE NAREIT Real Estate 50	ETF	464288521	1,603	31,021	SH		DFND		0	31,021	0
General Electric Company	COM	369604103	342	10,870	SH		DFND		0	10,870	0
Gilead Sciences Inc	COM	375558103	432	5,174	SH		DFND		0	5,174	0
SPDR GOLD SHARES	ETF	78463V107	677	5,353	SH		DFND		0	5,353	0
Gulfmark Offshore Inc	COM	402629208	110	35,133	SH		DFND		0	35,133	0
GLOBUS MED INC CL A	COM	379577208	950	39,876	SH		DFND		0	39,876	0
GLOBAL NET LEASE INC COM	COM	379378102	152	19,103	SH		DFND		0	19,103	0
Google Cl. C	COM	02079K107	303	437	SH		DFND		0	437	0
Google Cl. A	COM	02079K305	244	347	SH		DFND		0	347	0
Guggenheim China Small Cap	ETF	18383Q853	549	24,766	SH		DFND		0	24,766	0
HARMAN INTL INDS INC COM	COM	413086109	553	7,702	SH		DFND		0	7,702	0
Home Depot, Inc.	COM	437076102	822	6,434	SH		DFND		0	6,434	0
H &E Equipment Services Inc Com Isin #us	COM	404030108	1,653	86,854	SH		DFND		0	86,854	0
Healthsouth Corp Com New	COM	421924309	1,442	37,156	SH		DFND		0	37,156	0
HILTON WORLDWIDE HLDGS INC COM	COM	43300A104	541	24,000	SH		DFND		0	24,000	0
HOME BANCSHARES INC COM	COM	436893200	232	11,714	SH		DFND		0	11,714	0
iShares Tr Iboxx High Yield Corp	ETF	464288513	248	2,931	SH		DFND		0	2,931	0
Advisorshares Tr Peritus High Yield ETF	ETF	00768Y503	350	10,345	SH		DFND		0	10,345	0
Iberiabank Corp Com Isin #us4508281080 S	COM	450828108	2,121	35,512	SH		DFND		0	35,512	0
International Business Machines Corp	COM	459200101	1,862	12,266	SH		DFND		0	12,266	0
iShares C&S Realty Maj	ETF	464287564	720	6,650	SH		DFND		0	6,650	0
ishares Msci Europe Small-Cap	ETF	464288497	1,641	39,421	SH		DFND		0	39,421	0
ISHARES S&P MID-CAP 400 VALUE ETF	ETF	464287705	1,454	11,354	SH		DFND		0	11,354	0
iShares S&P Smallcap 600 Value Index	ETF	464287879	1,394	11,936	SH		DFND		0	11,936	0
iShares MSCI India	ETF	46429B598	741	26,529	SH		DFND		0	26,529	0
World Fuel Services Corp	COM	981475106	207	4,366	SH		DFND		0	4,366	0
ishares Core US Value ETF	ETF	464287663	1,291	9,616	SH		DFND		0	9,616	0
iShares S&P 500 Index	ETF	464287200	859	4,082	SH		DFND		0	4,082	0
ISHARES S&P 500 GROWTH ETF	ETF	464287309	2,238	19,194	SH		DFND		0	19,194	0
ISHARES RUSSELL 2000 ETF	ETF	464287655	230	1,999	SH		DFND		0	1,999	0
iShares Russell MC Idx	ETF	464287499	1,122	6,672	SH		DFND		0	6,672	0
iShares Tr S&P Global Info	ETF	464287291	1,129	11,604	SH		DFND		0	11,604	0
iShares DJ US Healthcare Sector	ETF	464287762	1,521	10,253	SH		DFND		0	10,253	0
iShares Tr Dow Jones U S Real Estate	ETF	464287739	220	2,668	SH		DFND		0	2,668	0
iShares DJ US Tech Sect Index	ETF	464287721	461	4,377	SH		DFND		0	4,377	0
Henry Jack & Associates Inc	COM	426281101	711	8,144	SH		DFND		0	8,144	0
Johnson & Johnson	COM	478160104	2,069	17,059	SH		DFND		0	17,059	0
JP Morgan Chase & Co.	COM	46625H100	1,171	18,840	SH		DFND		0	18,840	0
iShares S&P Global Utilities	ETF	464288711	494	10,010	SH		DFND		0	10,010	0
Knight Cap Group Inc	COM	48244B100	150	11,242	SH		DFND		0	11,242	0
Kinder Morgan Inc	COM	49456B101	1,108	59,212	SH		DFND		0	59,212	0
Coca Cola Company, Inc.	COM	191216100	387	8,530	SH		DFND		0	8,530	0
LOCKHEED MARTIN CORP COM	COM	539830109	271	1,093	SH		DFND		0	1,093	0
iShares GS $ InvesTop Corporate Bond	ETF	464287242	208	1,696	SH		DFND		0	1,696	0
Lam Research Corp	COM	512807108	332	3,946	SH		DFND		0	3,946	0
LADENBURG THALMAN FIN SVCS INC PFD SER A %	PFD	50575Q201	307	12,705	SH		DFND		0	12,705	0
McKesson Corporation	COM	58155Q103	2,579	13,816	SH		DFND		0	13,816	0
MIDCAP SPDR TRUST, SERIES 1	ETF	78467Y107	1,399	5,139	SH		DFND		0	5,139	0
Credit Suisse Nassau Etn Lkd To Cusing	ETN	22542D852	1,066	50,083	SH		DFND		0	50,083	0
Altria Group Inc	COM	02209S103	981	14,222	SH		DFND		0	14,222	0
MONOGRAM RESIDENTIAL TR INC COM	COM	60979P105	173	16,915	SH		DFND		0	16,915	0
Microsoft Corporation	COM	594918104	1,258	24,592	SH		DFND		0	24,592	0
Mitsubishi Ufj Finl Group Inc Sponsored	ADR	606822104	45	10,164	SH		DFND		0	10,164	0
Murphy Oil Corporation	COM	626717102	2,182	68,738	SH		DFND		0	68,738	0
NETFLIX INC COM	COM	64110L106	226	2,471	SH		DFND		0	2,471	0
NAVIOS MARITIME PARTNERS L P UNIT LPI	COM	Y62267102	20	15,322	SH		DFND		0	15,322	0
National Oilwell Varco Inc	COM	637071101	281	8,363	SH		DFND		0	8,363	0
Northstar Rlty Fin Corp Com	COM	66704R803	139	12,192	SH		DFND		0	12,192	0
Nvidia Corp	COM	67066G104	2,604	55,383	SH		DFND		0	55,383	0
NEW YORK REIT INC COM	COM	64976L109	277	29,923	SH		DFND		0	29,923	0
Realty Income Corp	COM	756109104	3,066	44,211	SH		DFND		0	44,211	0
Owens Corning New Com	COM	690742101	256	4,966	SH		DFND		0	4,966	0
OMEGA HEALTHCARE INVS INC COM	COM	681936100	836	24,623	SH		DFND		0	24,623	0
PROCTER & GAMBLE CO COM	COM	742718109	429	5,069	SH		DFND		0	5,069	0
Pimco High Income Fund	COM SHS	722014107	400	41,105	SH		DFND		0	41,105	0
Powershares ETF Trust II Intl	ETF	73936Q835	925	35,781	SH		DFND		0	35,781	0
REYNOLDS AMERICAN INC COM	COM	761713106	255	4,723	SH		DFND		0	4,723	0
iShares MSCI EAFE Small-Cap	ETF	464288273	439	9,107	SH		DFND		0	9,107	0
ISHARES SILVER TRUST	ETF	46428Q109	597	33,409	SH		DFND		0	33,409	0
Spdr Ser Tr Dj Wilshire Small Cap	ETF	78464A300	1,044	10,437	SH		DFND		0	10,437	0
SUPER MICRO COMPUTER INC COM	COM	86800U104	377	15,166	SH		DFND		0	15,166	0
SANCHEZ ENERGY CORP COM	COM	79970Y105	249	35,220	SH		DFND		0	35,220	0
State Natl Cos Inc Com	COM	85711T305	119	11,321	SH		DFND		0	11,321	0
The Southern Company	COM	842587107	389	7,245	SH		DFND		0	7,245	0
SORL Auto Parts Inc	COM	78461U101	38	20,541	SH		DFND		0	20,541	0
SPARTON CORP COM	COM	847235108	729	33,478	SH		DFND		0	33,478	0
Spdr Ser Tr Dj Wilshire Large Cap	ETF	78464A508	406	4,044	SH		DFND		0	4,044	0
Ssga Active Etf Tr Blackstone / Gso SR L	ETF	78467V608	264	5,643	SH		DFND		0	5,643	0
SYNCHRONY FINL COM	COM	87165B103	1,079	42,685	SH		DFND		0	42,685	0
AT&T	COM	00206R102	418	9,677	SH		DFND		0	9,677	0
Target Corp	COM	87612E106	1,982	28,384	SH		DFND		0	28,384	0
TRECORA RES COM	COM	894648104	419	40,173	SH		DFND		0	40,173	0
The Travelers Cos Inc	COM	89417E109	1,823	15,315	SH		DFND		0	15,315	0
Tyson Foods Incorporated	COM	902494103	344	5,147	SH		DFND		0	5,147	0
Total System Services Inc	COM	891906109	561	10,569	SH		DFND		0	10,569	0
UnumProvident Corporation	COM	91529Y106	1,581	49,734	SH		DFND		0	49,734	0
United Rentals Inc	COM	911363109	255	3,793	SH		DFND		0	3,793	0
VISA INC COM CL A	COM	92826C839	638	8,608	SH		DFND		0	8,608	0
Vanguard Inter-Term Corporate Bond	BD ETF	92206C870	987	11,043	SH		DFND		0	11,043	0
Vanguard Europe Pacific ETF	ETF	921943858	1,404	39,700	SH		DFND		0	39,700	0
VEREIT INC COM	COM	92339V100	539	53,123	SH		DFND		0	53,123	0
Market Vectors Etf Tr Vietnam Etf	ETF	92189F817	608	41,578	SH		DFND		0	41,578	0
Vanguard Index Fds S&P 500 Etf Shs	ETF	922908363	5,471	28,466	SH		DFND		0	28,466	0
Ventas Inc	COM	92276F100	358	4,920	SH		DFND		0	4,920	0
Vanguard Emerging Markets Stock ETF	ETF	922042858	3,402	96,575	SH		DFND		0	96,575	0
WESTERN ALLIANCE BANCORP COM	COM	957638109	272	8,332	SH		DFND		0	8,332	0
Spdr Ser Tr Db Intl Govt Inflation	BD ETF	78464A490	808	14,712	SH		DFND		0	14,712	0
Wal-Mart Stores Inc	COM	931142103	3,333	45,652	SH		DFND		0	45,652	0
Wyndham Worldwide Corp	COM	98310W108	1,719	24,134	SH		DFND		0	24,134	0
SPDR Ser Tr S&P Biotech Etf	ETF	78464A870	377	6,966	SH		DFND		0	6,966	0
EXXON MOBIL CORP COM	COM	30231G102	958	10,218	SH		DFND		0	10,218	0
Xerox Corporation	COM	984121103	144	15,202	SH		DFND		0	15,202	0
YAHOO INC COM	COM	984332106	573	15,247	SH		DFND		0	15,247	0